Firefly Aerospace Inc. (FLY) Income Statement
FLY 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFLY revenue and net income
Where FLY's revenue goes
2025Each bar shows an amount and its share of revenue. FLY kept −186.6% of revenue as net income.
FLY profit margins
FLY growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +163.0% | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FLY quarterly EPS vs estimates
Firefly Aerospace beat the analyst EPS estimate in 2 of the last 5 quarters. Next report: November 10, 2026 (estimate $-0.60).
FLY income statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenue | $159.9M | $60.8M | $55.2M |
| Cost of revenue | $135.0M | $72.2M | $28.6M |
| Gross profit | $24.9M | −$11.4M | $26.6M |
| Research & development | $200.1M | $149.5M | $117.9M |
| Sales, general & admin | $91.2M | $46.8M | $40.6M |
| Total operating expenses | $271.4M | $198.1M | $158.5M |
| Operating income | −$246.6M | −$209.5M | −$131.9M |
| Interest income | $18.2M | $2.6M | $2.9M |
| Interest expense | $21.6M | $20.4M | $4.0M |
| Income before taxes | −$335.5M | −$231.1M | −$135.5M |
| Income taxes | −$37.1M | — | — |
| Net income | −$298.3M | −$231.1M | −$135.5M |
| EBITDA | −$290.7M | −$198.2M | −$126.8M |
| EPS (diluted) | −$1.48 | −$1.61 | −$11.29 |
| Gross margin | 15.6% | −18.7% | 48.2% |
| Operating margin | −154.3% | −344.5% | −238.8% |
| Net margin | −186.6% | −380.2% | −245.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $117.7M | $80.9M | $57.7M | $30.8M | $15.5M | $55.9M | $9.0M | $22.4M | $21.1M | $8.3M |
| Cost of revenue | $93.8M | $70.6M | $45.0M | $22.3M | $11.6M | $53.6M | $29.2M | $14.6M | $18.1M | $10.2M |
| Gross profit | $23.9M | $10.3M | $12.7M | $8.5M | $4.0M | $2.2M | −$20.2M | $7.8M | $3.0M | −$1.9M |
| Research & development | $71.5M | $67.5M | $57.6M | $48.8M | $45.8M | $48.0M | $42.5M | $29.9M | $39.5M | $37.6M |
| Sales, general & admin | $47.5M | $45.6M | $44.0M | $21.9M | $12.6M | $12.8M | $14.7M | $10.3M | $12.3M | $9.6M |
| Total operating expenses | $119.1M | $105.9M | $93.7M | $70.7M | $58.3M | $60.8M | $86.3M | $54.8M | $51.9M | $47.2M |
| Operating income | −$95.2M | −$95.7M | −$81.0M | −$62.2M | −$54.4M | −$58.5M | −$77.3M | −$32.4M | −$48.9M | −$49.1M |
| Interest income | $4.3M | $6.0M | — | — | $1.8M | $1.0M | — | — | — | — |
| Interest expense | $1.8M | $3.6M | $4.4M | $1.3M | $5.2M | $5.2M | — | — | $3.7M | $3.8M |
| Income before taxes | −$92.4M | −$96.6M | −$78.2M | −$133.4M | −$63.8M | −$60.1M | −$84.1M | −$40.8M | −$53.5M | −$52.8M |
| Income taxes | −$35,000 | $67,000 | −$37.1M | — | — | — | — | — | — | — |
| Net income | −$92.3M | −$96.7M | −$41.1M | −$133.4M | −$63.8M | −$60.1M | −$84.1M | −$40.8M | −$53.5M | −$52.8M |
| EBITDA | −$76.6M | −$77.1M | −$64.1M | −$127.8M | −$54.6M | −$50.9M | — | — | −$48.2M | −$47.5M |
| EPS (diluted) | −$0.42 | −$0.46 | −$0.38 | −$0.55 | −$0.56 | — | — | — | — | — |
| Gross margin | 20.3% | 12.7% | 22.0% | 27.6% | 25.7% | 4.0% | −223.2% | 34.7% | 14.0% | −23.1% |
| Operating margin | −80.9% | −118.3% | −140.5% | −202.1% | −349.5% | −104.8% | −855.7% | −144.8% | −232.1% | −590.9% |
| Net margin | −78.4% | −119.5% | −71.2% | −433.5% | −410.2% | −107.6% | −931.1% | −182.3% | −253.7% | −634.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FLY's financial statements (latest annual report filed March 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FLY financial results
In fiscal year 2025 (ended December 31, 2025), Firefly Aerospace reported revenue of $159.9 million, up 163.0% from the year before. It had a net loss of $298.3 million, a net profit margin of −186.6%. Diluted earnings per share came to −$1.48.
See the FLY stock overview for the latest quote and news, or the FLY chart for price history and technical indicators.
FLY income statement FAQ
What is Firefly Aerospace's annual revenue?
Firefly Aerospace reported total revenue of $159.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 163.0% from $60.8 million the previous year.
Is Firefly Aerospace profitable?
No. Firefly Aerospace reported a net loss of $298.3 million in fiscal 2025, a net profit margin of −186.6%; its operating margin was −154.3%.
What is Firefly Aerospace's gross margin?
Firefly Aerospace's gross margin was 15.6% in fiscal 2025: for every $100 of revenue, Firefly Aerospace kept $16 after the direct cost of its products and services.
How much does Firefly Aerospace spend on research and development?
Firefly Aerospace spent $200.1 million on research and development in fiscal 2025, 125.2% of revenue.
What are Firefly Aerospace's earnings per share?
Firefly Aerospace earned $-1.48 per diluted share in fiscal 2025, compared with $-1.61 a year earlier.
When will Firefly Aerospace report its next earnings?
Firefly Aerospace is expected to report results for the quarter ending September 30, 2026 on November 10, 2026 after the market closes.
When does Firefly Aerospace's fiscal year end?
Firefly Aerospace's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 20, 2026.